Vietnam’s economy to grow at 6.5 percent in 2017: ADB

Monday, April 10, 2017 | 18:12:52

(VOVworld) - Vietnam’s economy will grow at 6.5 percent in 2017 and expand to 6.7 percent in 2018, according to the Asian Development Bank (ADB)’s “Asian Development Outlook 2017” report. The report, which was released at a press conference in Hanoi on Monday, noted that foreign direct investment will boost the domestic manufacturing and Vietnam’s exports earnings. The report also stated that without TPP, Vietnam still benefits from new-generation free trade Agreements including the EU-Vietnam Free Trade Agreement which will take effect in 2018.

Mr. Eric Sidgwick, ADB Country Director for Vietnam, said: “The ADB forecasts the Vietnamese economy to lift modestly in 2017 to a growth of 6.5% and a further strengthening to 6.7% in 2018. Over this period, we anticipate the growth will be driven by continued high foreign direct investment, rising domestic consumption and demand. Vietnam is also expected to benefit from the implementation of the EU Free Trade Agreement in 2018, which we hope will create many new business and trade opportunities.”

The ADB report shows that Vietnam’s agricultural produce is projected to pick up in 2017 given the outlook of higher global food demand. According to the ADB, to boost transformation in agriculture, Vietnam needs to address main policy challenges, including rising competitiveness in input supply, post-harvest processing and the marketing of produce. ADB experts also suggested Vietnam expand its rural infrastructure and support agriculture products while adhering to more sustainable natural resource management.